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Kalshi won big on Super Bowl Sunday, hosting over $1 billion in trading volumes. CEO and co-founder Tarek Mansour discusses prediction markets, insider trading concerns, and market surveillance. President Trump’s effort to limit institutional investors buying single family homes has run into snags on Capitol Hill. RXR Chairman and CEO Scott Rechler discusses the initiative, affordable housing, and NYC’s uptick in office leasing and luxury home sales. In the latest reports on big tech’s AI capital expenditur ...

Financial Data and Key Metrics Changes - Net sales increased by 2% year-over-year to $657 million, while net income attributable to Champion Homes decreased by 12% year-over-year to $54 million, or earnings of $0.97 per diluted share [18][21] - The average selling price (ASP) per U.S. home sold increased by 5% to $99,300, driven by changes in product mix and increased prices on new homes sold through company-owned retail sales centers [19][21] - Consolidated gross profit decreased by 5% to $172 million, with a gross margin of 26.2%, down 190 basis points compared to the prior year [20][21] Business Line Data and Key Metrics Changes - Sales to the independent retail channel decreased year-over-year, while captive retail sales increased year-over-year, representing 38% of consolidated sales in Q3 versus 35% last year [12][21] - Community channel sales were down year-over-year, but positive feedback was received regarding new products showcased at the Louisville Home Show [13][19] - Sales through the builder developer channel grew in the third quarter compared to the same period last year [14] Market Data and Key Metrics Changes - Manufacturing backlogs decreased sequentially by 15% to $266 million, with average backlog lead time ending the quarter at 7 weeks [10][11] - Canadian revenue during the quarter was $26 million, representing a 3% increase in the number of homes sold versus the prior year, while the average home selling price in Canada decreased by 2% to $120,000 [19][20] Company Strategy and Development Direction - The company aims to increase awareness and demand for its products, with a focus on building trust with consumers and product innovation [6][7] - Legislative efforts are being monitored closely, with a strong bipartisan focus on solving the housing crisis, which is seen as a foundation for future growth [8][9] - The company is committed to expanding its product offerings to attract a broader segment of new buyers and address affordability issues in the housing market [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the fourth quarter, expecting revenue to be up low single digits versus the prior year, with gross margin anticipated to be in the 25%-26% range [24][25] - The company is focused on executing its strategic initiatives while managing SG&A prudently, despite challenges in the macroeconomic environment [24][25] - Management highlighted the importance of engaging with consumers and adapting to market conditions as part of their strategy moving forward [40][84] Other Important Information - The company announced a $50 million share repurchase during the quarter and refreshed its $150 million share repurchase authority, reflecting confidence in its cash generation capabilities [22][23] - The sale of Triad's parent company, ECN Capital, is progressing well, with expected proceeds of approximately CAD 189 million to Champion [16] Q&A Session Summary Question: Can you provide more color on the geographic environment and weather-related impacts? - Management noted that there were no unusual geographic trends and that weather-related delays impacted production days, but they are working to make up for lost time [28][29] Question: Was the increase in ASPs at captive retail due to mix or pricing? - Management confirmed that both pricing and mix contributed to the higher ASPs year-over-year [30][31] Question: What is the outlook for the community channel? - Management indicated that they are working closely with community channel partners and are optimistic about new product feedback as they approach the spring selling season [41][43] Question: Can you elaborate on the margin expectations for the next quarter? - Management highlighted that gross margin variability is expected, with a focus on product mix and channel dynamics impacting margins [46][48] Question: What are the expectations for backlog and revenue guidance? - Management expects a continuation of the order flow seen in Q3, with a positive outlook for backlog and revenue in Q4 [67][68]

Core Viewpoint - NatWest announced a commitment to provide a £10 billion ($13.72 billion) package to the UK social housing sector by 2028, aimed at supporting the delivery of affordable housing across the country [1] Group 1 - The funding is specifically targeted at enhancing the availability of affordable housing in the UK [1] - The initiative reflects NatWest's strategy to contribute to social and economic development through investment in housing [1]

Group 1 - The core viewpoint is that the Chinese real estate market is entering a long-term adjustment period, with average housing prices declining from 11,000 yuan per square meter in mid-2021 to 9,560 yuan by June 2022, indicating a significant drop [2] - A large number of new and second-hand houses are flooding the market, while the demand for home purchases is gradually decreasing due to factors such as the exit of investment demand, the end of large-scale shantytown renovations, and the slowing urbanization process [2] - The introduction of property tax is anticipated, which could increase the holding costs for those with multiple properties, leading to a surge of housing supply in the market and downward pressure on prices [2] Group 2 - The construction of affordable housing is accelerating across various regions, which will effectively divert housing demand. This includes the introduction of rental housing and shared ownership housing, benefiting low- and middle-income families [4] - The demand for commercial housing is expected to be effectively diverted, leading to a higher probability of housing prices returning to a reasonable range [4] - The sentiment among potential homebuyers is shifting, with concerns about becoming "the last buyer" in a declining market [3]

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"The average American family owning a home is important for the kids that grow up in that home."Opendoor CEO @nejatian explains why @realDonaldTrump's focus on making homes affordable is important for the country. 🇺🇸 https://t.co/TaoeNJ5w2q ...

Industry Overview - Manufactured housing is experiencing strong structural tailwinds due to rising demand, limited supply, and predictable revenue streams, making it an attractive investment opportunity [2][3] - The affordability crisis is a significant issue, with many Americans priced out of conventional single-family homes, leading to an urgent search for affordable housing [4][5] Company Analysis Sun Communities Inc. (SUI) - Sun Communities is a leading real estate investment trust (REIT) that owns and operates manufactured housing communities, benefiting from residents who own their homes but rent the land, resulting in stable occupancy and cash flow [8][9] - The company's national footprint allows it to acquire smaller properties, enhancing operational efficiency and net operating income, particularly in high-growth Sun Belt markets [9] - SUI offers steady income with long-term growth potential, with a consensus price target of $136.69 and a dividend yield of 3.3%, which has increased by an average of 4.6% over the last three years [10] Champion Homes (SKY) - Champion Homes is one of the largest manufacturers of factory-built homes in the U.S., positioned to benefit from rising demand for affordable housing options [12] - The company can achieve operating leverage as shipments increase, translating into higher margins and earnings, supported by government initiatives for affordable housing [12][13] - Despite being perceived as expensive at 24x earnings, it remains competitive within the construction sector, especially if affordability pressures drive demand for manufactured housing [14] UMH Properties Inc. (UMH) - UMH Properties operates primarily in the Midwest and Northeast, regions facing persistent housing shortages due to zoning restrictions and limited new construction [15] - The company focuses on organic growth by filling vacant sites within existing communities, which enhances occupancy and rental revenue without significant acquisition costs [16] - UMH offers a higher dividend yield of 5.67% and has a consensus price target of $18, indicating strong upside potential, although it is smaller and more leveraged than its competitors [17][18]

Core Insights - Freddie Mac's Multifamily division achieved a production volume of $77.6 billion in 2025, marking a 17% increase from 2024, and supported over 577,000 affordable rental units across the U.S. [1][2] Production and Investment - The total production volume included $1.2 billion in Low-Income Housing Tax Credit (LIHTC) equity investments, $1.1 billion in workforce housing preservation loans, and $2.4 billion in forward conversions [2] - Freddie Mac's Long-Term Financing Facilities generated $2 billion in new funding, a 42% increase over 2024, while the Structured Products business closed 10 transactions totaling $2.5 billion [5] Market Focus and Product Enhancements - The company focused on increasing liquidity in the multifamily market to enhance the supply of affordable rental housing, implementing product enhancements and customer-focused process improvements [3] - Freddie Mac expanded its forwards program to include conventional properties and enhanced Lease-Up Loans to reduce costs in multifamily housing development [3] Affordable Housing Goals - In 2025, 66% of the production volume qualified as "mission-driven affordable housing," exceeding the 50% goal, with nearly 70% of goal-eligible units affordable to low-income residents earning less than 80% of area median income (AMI) [7] - A total of 93% of all units financed in 2025 were affordable at or below 120% of AMI [7] Historical Context and Mission - Historically, over 90% of the eligible rental units funded by Freddie Mac are affordable to families with low-to-moderate incomes earning up to 120% of AMI [8] - Freddie Mac's mission is to promote liquidity, stability, and affordability in the housing market, having assisted tens of millions of families since 1970 [9]

Core Viewpoint - Vistry Group reported results for 2025 that met market expectations, with a notable profit increase driven by a strong second-half performance despite subdued demand in private sales [5] Financial Performance - Group adjusted profit before tax for 2025 is expected to be around GBP 270 million, consistent with management guidance and consensus expectations [2] - The full-year operating margin improved to 8.4%, with a second-half margin of 9.6% compared to 6.7% in the first half, attributed to higher-margin developments and resolution of cost issues [3][7] - Revenue for 2025 was described as "pretty flat," supported by higher average selling prices and increased land sales revenue, with GBP 80 million of cash expected from land sales completed in 2025 [4] Strategic Initiatives - Vistry has been active in land acquisition, securing over 12,500 plots in the year, with a shift towards partnerships with housing associations, resulting in a 30% increase in second-half additionality units [6][11] - The company aims to target more than 17,000 completions in 2026, representing over 10% growth, and has a forward sales position of GBP 4 billion, with GBP 2.4–2.5 billion expected for 2026 [6][14][15] Market Positioning - Management emphasized that the business model is better suited for working with housing associations than private rented sector providers, highlighting improved payment profiles [7] - Vistry is aiming to become a "Strategic Plus" partner under the Social and Affordable Homes Programme, allowing bids of up to GBP 700 million, compared to GBP 350 million for a Strategic Partner [8] Cost Management - The company reported very little build cost inflation during the year, with expectations of low inflation of 1-2% externally, and is pushing for negative build inflation internally [12] Cash and Debt Management - Year-end net debt was around GBP 145 million, down from GBP 180 million year-on-year, with expectations of additional cash from delayed completions [13] - The company is targeting a return to net cash by the end of 2026, supported by expected deal completions and a broader capital release program [19]